The Senior Managers and Certification Regime (SM&CR) is a regulatory framework introduced by the UK’s Financial Conduct Authority (FCA) to enhance individual accountability in financial services. SM&CR applies to banks, building societies, credit unions, and some investment firms. It requires firms to clearly define and assign responsibilities to senior managers and ensure that key individuals are certified as fit and proper to perform their roles. SM&CR aims to improve conduct, transparency, and accountability within the financial industry.